December 2017 Tasks
December 1st, 2017
Happy December! Normally this month, we’d be talking about the joys of looking back on 2017, thanking those who have supported you, and reflecting on all the good work you have done.
But mostly we’re just thinking about taxes.
As you know, changes to the U.S. tax system are on the horizon, and they may complicate your life substantially. Or not. We have no idea what is going to happen. But when we do, we’ll let you know. (*Update: We know! Check out our post on tax changes here.)
Regardless of the tax chaos, you should be doing a few things this month. You should review your insurance options for 2018, especially if you use the exchange. (The deadline for enrollment is December 15.)
You should also start looking at your final income and expense numbers for the year. If you have major expenses you’ve been putting off (say, a new computer), now is a good time to make them, especially given the tax uncertainty for 2018. You can also look at what your tax obligations for 2017 may be and figure out if you have made enough estimated tax payments. If you haven’t, consider making your last estimated tax payment before the end of the year. (Again, tax uncertainty.)
If you do have some extra cash on hand, you may think about making retirement contributions (if you haven’t already maxed out your contributions for 2017). Saving for yourself is almost always a good choice.
Lastly, give yourself a pat on the back. You made it! You conquered another year, and for many people it was a particularly challenging year. As the “year in review” summaries pour in this month, don’t forget to note your own “year in review” as well. You did great work this year. And 2018 will be even better.
Happy holidays, Folks!